Odaily Planet Daily reported that U.S. Senator Cynthia Lummis said at the Bitcoin Miami conference that Biden's previous proposal to impose a 30% tax on electricity used in crypto mining would not be passed, saying, "Because the bill fundamentally makes U.S. Bitcoin mining companies unprofitable, doing so is tantamount to forcing them to go overseas, after all, miners can mine anywhere." Earlier, the White House Council of Economic Advisers (CEA) said that U.S. President Joe Biden is considering imposing punitive taxes on cryptocurrency mining operations because "they are harmful to society." The Biden administration has proposed to impose a tax on mining companies equivalent to 30% of their energy costs, an unusual penalty for specific industries that could threaten the profits of such companies.